Vendors received more than $1.9 million in interest on late payments from New York State during the 2011-2012 fiscal year, Comptroller Thomas DiNapoli said today.
Interest payments increased 38 percent, or $526,400, from the previous fiscal year. Under state finance law, New York must pay contractors and vendors interest when it makes payments that are more than 30 days late.
The state’s Department of Health was responsible for a majority of the interest payments in 2011-2012. The agency disbursed more than $1.3 million in interest, according to a news release from the comptroller’s office.
(Sponsored)
Avoiding the Most Common Overtime Classification Mistakes
Are you sure your organization is prepared for an audit of your payroll practices? In this FREE one hour webinar to be held at noon on November 14, 2023, you
Asset Acquisition Strategies: Choosing Between Financing, Leasing or Buying
When acquiring business equipment or machinery, how you choose to pay can significantly impact your cash flow, tax strategy and long-term financial position. The three primary optionsare financing, leasing and
The State University of New York was the next-highest interest payer at $109,533. It was followed by the Department of Transportation at $86,995.
Contact Seltzer at rseltzer@cnybj.com
